CarGurus Examine Uncovers How Pandemic Impacted Automotive Trade in 2020
CAMBRIDGE, Mass., Dec. 04, 2020 (GLOBE NEWSWIRE) — CarGurus (Nasdaq: CARG), a number one world on-line automotive market, right now launched its “CarGurus COVID-19 Sentiment Study: How the Pandemic Impacted Automotive Sentiment in 2020” that examines how auto consumers have responded to the COVID-19 pandemic. The November analysis benchmarks and compares the earlier CarGurus research that had been run in each April and June, and explores subjects similar to automobile stock, affordability, digital retail and ride-sharing/public transit.
“When in comparison with our earlier analysis, the newest CarGurus COVID-19 Sentiment Examine paints a constant image that factors to a silver lining for the auto trade amid the pandemic,” stated Madison Gross, Director of Client Insights at CarGurus. “Over the course of the yr, we now have seen automobile consumers delay however not cancel their purchases, a shift from public transit and ride-hailing in the direction of automobile possession and a rise in openness round shopping for a automobile on-line. When coupled with the automotive trade’s present excessive demand and low provide, it’s possible for these traits to proceed into subsequent yr.”
The research’s main findings embody:
Stock and Pricing Notion
Whereas the pandemic has disrupted automobile manufacturing, consumers have had completely different perceptions of worth and choice relying on the months once they purchased:
- Those that purchased a automobile from March via June had been practically 2x extra more likely to say costs had been a lot decrease than anticipated, when put next with those that purchased from July via November (31% vs. 16%).
- These earlier consumers additionally famous higher automobile choice on dealership heaps, with 8% of those that purchased from March via June stated automobile choice was worse than anticipated and in comparison with 17% of consumers from July via November.
Digital Retail
Because the pandemic continues, consolation and familiarity with on-line buying instruments has grown and consumers are more and more contemplating digital retail choices when on the lookout for a automobile:
- Earlier than the pandemic, 35% of respondents stated they had been open to purchasing a automobile on-line and that has elevated to 60% as of the newest November analysis. This openness to purchasing on-line has not wavered since June (60%) or April (61%)—regardless of dealerships reopening throughout the nation.
- Regardless that consumers have gotten extra open to digital retail, solely 41% would favor to purchase a automobile on this method. Specifically, consumers usually tend to want on-line worth negotiation (61%) and on-line financing (52%).
Public Transit and Journey-Sharing
The pandemic has disrupted many sides of individuals’s lives and that features how they journey from place to put and the way they view automobile possession.
- As of November, 34% of earlier rideshare customers and 45% of public transportation customers anticipate to lower or cease their use of those companies. This has remained pretty constant over the course of the pandemic (39% in June, 39% in April for trip sharing; 45% in June and 44% April for public transportation).
- Autos provided individuals an entertaining diversion throughout the pandemic with 47% utilizing their automobile extra for highway journeys or longer drives, and 43% agreeing that they see their vehicles as a supply of escape or enjoyable throughout this time.
The benchmarked CarGurus COVID-19 Sentiment Examine’s full findings may be downloaded here and any questions concerning the evaluation may be despatched to pr@cargurus.com.
Methodology
All through 2020, CarGurus has surveyed over 2,000 consumers on their sentiments towards automobile buying throughout the COVID-19 pandemic. Most just lately in November, CarGurus surveyed 796 consumers who had intentions of shopping for a automobile in 2020 or 2021. CarGurus additionally surveyed 779 consumers in June and 722 consumers in April for earlier iterations of this benchmarking research.
About CarGurus
Based in 2006, CarGurus (Nasdaq: CARG) is a world, on-line automotive market connecting consumers and sellers of recent and used vehicles. The Firm makes use of proprietary know-how, search algorithms and information analytics to deliver belief and transparency to the automotive search expertise and assist customers discover nice offers from top-rated sellers. CarGurus is probably the most visited automotive buying website within the U.S. (supply: Comscore Media Metrix® Multi-Platform, Automotive – Data/Sources, Complete Viewers, Q3 2020, U.S. (Aggressive set contains: CarGurus.com, Autotrader.com, Vehicles.com, TrueCar.com)). Along with the US, CarGurus operates on-line marketplaces beneath the CarGurus model in Canada and the UK. In the US and the UK, CarGurus additionally operates the Autolist and PistonHeads on-line marketplaces, respectively, as unbiased manufacturers. To study extra about CarGurus, go to www.cargurus.com.
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Contact:
Brian Kramer
pr@cargurus.com